According to Tom Pelissero, the Broncos are trading for Dolphins WR Jaylen Waddle.
Adam Schefter reports the Broncos will get Waddle and Miami’s 2026 fourth (No. 111 overall). In return, they will give up their first, third and fourth-round picks at No. 30, No. 94 and No. 130.
It’s a big shakeup for both teams. Denver hadn’t added an exterior player through the first week of free agency, but makes a huge splash now to add a No. 1 receiver for QB Bo Nix.
Meanwhile the Dolphins’ teardown continues. Reports had said Miami wasn’t “actively shopping” Waddle and wanted to keep him to build around, even though he was nearly traded at last season’s midyear deadline.
Instead, he’s now moved for a cache of draft picks. Waddle was due a major option bonus on March 20. This deal leaves behind a little more than $23 million in dead money and increases Waddle’s cap hit in 2026 by $11 million.
Waddle, 27, was a part-time starter at Alabama. He was a first-team All-American as a sophomore before suffering an ankle injury that cost him a good portion of the 2020 season. The Dolphins drafted Waddle with the No. 6 overall pick in the 2021 NFL Draft.
He signed a four-year, $27,085,991 contract with the Dolphins that included a $17,058,902 signing bonus as well as a fifth-year option. Miami exercised Waddle’s fifth-year option worth $15.591 million for the 2024 season.
The Dolphins then signed Waddle to a three-year, $84.75 million extension ahead of the 2024 season.
He’s due $17 million and $24 million over the next two years of the deal.
In 2025, Waddle appeared in 16 games for the Dolphins and recorded 64 receptions on 100 targets for 910 yards and six touchdowns.
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